Korea-UAE Cooperation In Clean Energy Will help Stabilies Global Energy Market – President Yoon Suk Yeol

During his current state visit to the UAE, the Korean President talked about bilateral cooperation in the economy, climate action, energy transition, hydrogen, and smart farms in statements published by the Al Ittihad newspaper. These statements were made in the context of Abu Dhabi Sustainability Week (ASDW), an annual global event for speeding up the world's sustainable development, and COP 28.

"We will support the success of the UAE’s hosting of COP 28 (the UN Climate Conference to be held in Duba) at the end of this year and work together in that regard," he highlighted.

President Yoon said that infrastructure cooperation in large-scale construction is the main reason why Korea and the UAE's economies are growing. He also said that "about 30 percent of the orders our construction companies got from the Middle East in 2022."

The president also talked about the ongoing talks on a free trade agreement (FTA) with the Gulf Cooperation Council (GCC). He said that Korea's energy security depends on its relationships with the UAE and other Gulf countries because more than half of its oil imports come from the Gulf.

The Korean President’s statements say, "I am very pleased that I have finally met with President His Highness Sheikh Mohamed bin Zayed Al Nahyan in person during my visit." I look forward to the two of us building a solid friendship and trust.

"My current visit carries a special meaning, in particular, because it is the first state visit since the UAE and the Republic of Korea established diplomatic relations in 1980," he added.

"As I am accompanied by a huge delegation of over 100 Korean business leaders, in addition to key government officials, I am convinced that the scheduled summit will serve as an important opportunity to produce significant results that further advance bilateral relations and to take the relationship between our two countries to a new level," Korean President Yoon Suk Yeol said.

This year’s COP28 will, for the first time, assess the progress of joint efforts to reach the Paris Agreement Goals by conducting the global stocktake (GST). It will mark a crucial turning point for further strengthening climate action worldwide.

According to the report, the UAE, a leading oil producer, became the first country in the Middle East to declare its carbon neutrality goal and is pursuing a transition to a clean-energy-focused economic and industrial structure. In this regard, it is incredibly symbolic that the UAE is hosting COP28 this year.

"Korea and the UAE have maintained a long-standing strategic partnership, and I intend to use my upcoming visit as an opportunity to broaden our friendly cooperation to include our efforts to achieve carbon neutrality and strengthen climate action among the world's nations," the report stated.

Korea is one of the world’s top five crude oil importers. With over 50 percent of our imported oil coming from the Gulf, relations with Gulf countries are of enormous importance in terms of our energy security, the report said.

It added, "Moreover, Korean businesses have made important contributions to the expansion of national infrastructure in the Middle East." Approximately 30 percent of the overseas orders our construction companies received in 2022 were from the Middle East. Infrastructure cooperation, like large-scale construction, can be seen as the driving force behind our two countries’ economic development.

Recently, Gulf countries have been developing future industries in an active and enterprising manner to prepare for the post-oil era. Given Korea's world-class technological prowess, the experience and know-how gained while working on projects throughout the Gulf, and the shared vision we share with Gulf countries, both sides are ideal partners for each other.

As important partners in terms of economic cooperation, Korea and the GCC have built a long-standing cooperative relationship in such areas as energy and construction. More recently, the scope of our cooperation has expanded to include advanced industries, the defence industry, healthcare, agriculture, and culture.

"I believe the Korea-GCC FTA, if concluded, will establish a comprehensive legal foundation to support bilateral economic and trade relations, making enormous contributions to not only expanding trade and investment between our two countries but also diversifying the ways in which we cooperate," the Korean President stated.

"Most importantly, I hope that the Korea-GCC FTA will contribute to our two countries' joint efforts to respond to new challenges, such as climate change, supply chain crises, the digital transition, and technological and industrial cooperation."

He said that the UAE is moving forward quickly and making a bigger impact on regional and global issues because its leaders are focused on the future.Korea is also pursuing responsible foreign policies befitting our new status as a global pivotal state.

"We will support the success of the UAE’s hosting of COP 28 at the end of this year and work together in that regard," he concluded.

 By Sumita Pawar